The Banking Commission of the West African Monetary Union (WAMU) is the supranational banking supervisory authority for the eight WAMU Member States: Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. It reflects the commitment of the WAMU authorities to establish a regional mechanism to ensure “...uniform and more effective supervision of banking activities and integration of the banking sector in the West African Monetary Union...”, as set forth in the WAMU Treaty.

The WAMU Banking Commission exercises the powers conferred upon it by its founding instruments across the territories of all eight WAMU Member States. As an organ of the Union, it operates independently of other WAMU bodies and institutions, including the Central Bank of West African States (BCEAO), which hosts its General Secretariat. The Commission was originally established by the Convention of April 24, 1990, signed in Ouagadougou by the Ministers of Finance of the WAMU Member States. This text was subsequently replaced by the Convention of April 6, 2007, signed in Lomé, as part of the Institutional Reform of the WAMU and the BCEAO adopted by the Conference of Heads of State and Government of the Union on January 20, 2007.

This Institutional Reform entered into force on April 1, 2010. The headquarters of the WAMU Banking Commission are established in Abidjan, pursuant to the Headquarters Agreement concluded on October 10, 1990, between the Government of the Republic of Côte d’Ivoire and the BCEAO concerning the establishment of the Commission and its privileges and immunities. The Agreement Governing the WAMU Banking Commission and its Annex, which forms an integral part thereof, lay down the provisions governing the organization, operation, and powers of the Commission.

These provisions may be amended directly by the WAMU Council of Ministers without requiring subsequent ratification or approval procedures. Accordingly, as part of the process to align the WAMU supervisory framework with international standards—particularly regarding banking crisis resolution—the WAMU Council of Ministers, through Decision No. 010/29/09/2017/CM/UMOA dated September 27, 2017, amended the Annex to the Agreement Governing the WAMU Banking Commission, with an effective date of January 1, 2018.

Under its founding instruments, the WAMU Banking Commission is mandated to “maintain a safe and sound banking system within WAMU, notably through the supervision of covered institutions and the resolution of banking crises. It shall also endeavor to protect depositors and contribute to the stability of the regional financial system.” The institutions subject to its oversight include credit institutions, financial companies, decentralized financial systems (DFS), and electronic money institutions, as well as any other entity placed under its supervision.